Why I Buy a Car to Derail Financial Freedom

I remember vividly when I was 3 year old, the day I first laid eyes on my first toy.

A red metal toy car, it was love at first sight.

I would roll it across the floor, push it along imaginary roads, and even pretend to drive it.

This toy car deeply culminated my lifelong liking for red cars then. The vibrant red hue, the sleek design—it all captivated my young heart. It was more than just a toy; it was the spark that ignited my love for cars.

Unfortunately this toy car was the only car my family could afford. During family gatherings, I would feel a pang of embarrassment as relatives boasted about their new cars while mocking my dad for not owning one. The subtle jabs about not knowing how to open a car door stung, but they fueled my determination to one day own a car of my own.

Fortunately, I had the opportunity to drive a first real car when I was 18 years old for free. It was a dirty green land rover as I was nominated to attend a free SAF driving course during national service although I was not in driver vocation. Subsequently, I gotten my SAF class 4 license after passing the driving test on 3 Tonner on my 3rd attempt. As I did not clock enough mileage during my NS, I could not qualify for conversion to free civilian driving license.

After started work, I attended driving school to acquire a driving license which I passed on my second attempt within 3 months. I have been contemplating about getting a car of my own since more than a decade ago. However I kept procrastinating and pondered seriously about the dollars and cents as I was hungrier towards achieving financial freedom than fulfilling my dream of owning a car.

Fast forward to now, I have finally fulfilled this dream as I recently collected the key to a pre-owned Honda HR-V. Owning a car has been a significant milestone, but it was not a decision made lightly. After careful consideration and delayed gratification for the past decade, I have realized that it aligns with my broader financial goals and enhances my overall quality of life.

Here are the ten reasons that led me to decide on purchasing a depreciating piece of metal which could derail or slow down my journey towards financial freedom.

1. Fulfill a Lifelong Dream

The allure of owning a car was my childhood dream culminated from playing toy car and has been a bucket list item in my life. While fortunate to be born in a safe and prosperous city, I understand the need to incur exorbitant high costs to use the roads in a land-scarce city state. I believe that my life would more more fulfilling if I could clear this bucket list item so that I could live my life once with no regrets.

2. Enhance Quality of Life

A car offers unparalleled convenience, flexibility and privacy. Owning a car empowers me to have full control and freedom of my transportation and journey of going anywhere, anytime, without having to plan my trips around Bus-MRT-Walk (BMW) or restriction by public transportation schedules. The private mobile space and freedom that a driver could enjoy is invaluable, especially in land scarce Singapore. The ability to travel independently and spontaneously is priceless too. Such intangible benefits cannot be easily measured in terms of dollars and cents as I am a person who values freedom and autonomy very much.

3. Enhanced mobility

Owning a car significantly enhances my daily life by boosting mobility options and efficiency. The transport permutations in my life will increase. I could optimise daily routine by seamlessly combine multiple tasks into a single trip, such as driving to work, picking up groceries, go shopping, make errands and meeting friends for lunch at favourite hawker centres.

I will be also able to spend quality time in the car while driving or after parking the car. I could also help my friends with hitches or errands whenever they require it.

4. Expand accessibility

Private transportation opens up opportunities to explore spots for exercise, relaxation and recreation. For exercising, jogging in East Coast Park, Pasir Ris Park or even in Sentosa would become a possible reality. Hiking in Fort Canning Hill, Bukit Timah Hill or visit to Dempsey Hill would be easier too. I could also visit more parks, beaches, places of interests, malls located around the island of Singapore. For work, I could easily travel to alternative office sites for meetings and claim for parking and transport costs.

Other more rustic places in Singapore such as Seletar Aerospace park, Kranji, Canterbury Road, Changi village, Mount Faber are well suited to be visited with car.

5. Emotional Fulfillment and Lifestyle Investment

Owning a car can bring a sense of pride, boost self esteem and provide a sense accomplishment. Not to show off but it is a tangible reward for hard work and a symbol of personal success. This achievement can motivate one to work work harder and smarter and strive for greater heights in order to boost more income in order to afford and justify the need for the car, thereby fueling one's ambition and drive. While a car depreciates, it can also be considered an investment in one's lifestyle and overall well-being.

6. Comfort

The weather in Singapore has been getting hotter and more humid every year due to global warming. As I am a person who sweat easily, I always perspire buckets while waiting for buses at the bus stops or train at the MRT platforms. While Singapore's public transport is still considered leading and world class, transferring trains of different lines still require considerable amount of walking in the tunnels, climbing escalators and so on. All these are additional effort factored in when taking public transport. To be able to sit down comfortably on cushy leather seats in the air-condition of a personal vehicle is a luxury enjoyment in Singapore. 

In addition, the recent year-end weather has been erratic with heavy showers in later afternoons. Unless there is flooding, it is still more comfortable to drive under the rain than to be armed with umbrellas after alighting from public transportation.

7. Time and Productivity

Time is the most important resource in life. It is an invaluable, priceless finite resource which cannot be calculated in financial worth.

Having utilised public transport for more than 3 decades, I have wasted so much waiting time, sacrifices standing and squeezing in crowded buses and trains.

While I may not drive everyday, it certainly reduces travelling time while making errands, travelling to and fro from office.  I took more than 50 mins to reach office when I could spend less than half the time on car.

I could largely reduce my reliance on public transportation which generally costs more time especially during peak hours.

8. Practicality

I can load up groceries as large hyper-marts with fresher and more abundant groceries such as fruits and veggies for at least a week's supply instead of making multiple trips to supermarkets. As I could visit more malls with ease, my shopping options for other necessities or clothes also expanded. I could also donate away old stuffs or make deals on Carousell easily with private transport option.

9. Practise driving

Driving a car requires skill, focus, and responsibility. My active driving days were during national service more than 20 years ago and during early working days while attending driving school lessons and driving tests. I have gotten my driving license more than a decade ago and I wanted to refresh and hone my driving skills again. I wanted to have a feel of driving on the roads in Singapore, the most expensive city to own a private vehicle. Getting a pre-owned car allows me to familiarise with driving and the roads and traffic in Singapore without a huge outlay if I were to purchase a brand new car.

10. Balance Financial Goals with Life Experiences

Money earned not spent is not truly my money in the sense that it is not actively contributing to my life or well-being. While saving up money may provide a sense of security or stability, it is essentially dormant and not realizing its full potential.

The purpose of money is to be used to acquire goods, services, and experiences that enhance our lives. When money is simply saved or hoarded, it is not fulfilling its intended purpose. Instead, it could be used to improve your quality of life, whether through education, travel, personal development, or simply enjoying everyday experiences. Of course, saving money is important for financial security and planning for the future. I have been very frugal throughout my life. However, I gradually begin to realise the importance of striking a balance between saving and spending. Excessive saving can lead to missed opportunities and a less fulfilling life.

I do recognize the many downsides which owning a car would bring such as the stress of driving, parking, burning away cash ineffectively, burning away fuel to cause damage to the environment and so on. Yet, there is an undeniable pull toward the freedom and autonomy it offers, providing a personal sanctuary and a level of convenience that public infrastructure simply cannot match. That explains why more 600k people in Singapore are still willing to pay the sky high COEs to own a private car.

Last but not least, a car embodies the fruits of my labour for the past decade, greatly boost one's confidence and ego. I believe it is a great motivation to spur myself to work harder, contribute more and achieve greater heights in life, dreams and goals.

In conclusion, I have decided to start burning away some cash, slowing down my journey towards financial freedom while focusing on the intangible benefits of living life to the fullest.

The Power of Dreams! ⭐

Thank you for reading. Memento Mori!

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investment decisions should be made based on individual circumstances and after careful consideration of risks and potential rewards.

With love & peace,

Qiongster